The luxury fashion market is likely to grow at a healthy CAGR by 2022, as per the recent analysis by Market Research Future (MRFR). Luxury fashion products, simply put, are expensive, high-class, and fashionable. Companies manufacturing these products along with focusing on offering the latest look also offer products based on street culture and cultural trends for attracting a vast consumer base. Accessories, footwear, clothing, and others are different types of luxury fashion products.
Various factors are propelling the global luxury fashion market growth. As per the latest MRFR report, such factors include the growth in emerging countries, an increase in e-commerce sales, an increase in disposable income, changing lifestyle patterns owing to rapid urbanization, and rising sale of men’s workwear. Additional factors adding market growth include consumers increasing spending on luxury fashion goods, rising disposable income, greater social acceptance, traction for branded items, growing women working population, and an increasing number of millionaires & brand loyalty amid customers.
Leading players profiled in the global luxury fashion market report include Dolce & Gabbana, Zara, Tiffany, Michael Kors, Burberry, Prada, Cartier, Rolex, Chanel, Gucci, Hermès, and Louis Vuitton.
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The MRFR report offers an inclusive segmental analysis of the global luxury fashion market based on type and distribution channel.
By type, the global luxury fashion market is segmented into accessories, footwear, clothing, and others. Of these, clothing and accessories will lead the market over the forecast period.
By distribution channel, the global luxury fashion market is segmented into e-commerce, airport, multi-brand boutiques, specialty stores, department stores, mono-brand stores, and others. Of these, the e-commerce segment will dominate the market over the forecast period.
Based on the region, the global luxury fashion market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific, & the Middle East and Africa (MEA). Of these, Europe is likely to lead the market over the forecast period. Innovative business models and retail concepts, high-class women travelers & business tycoons purchasing expensive apparels while holidaying in Europe, the presence of several luxury brands since long, increasing sale of luxury fashion attires, and the region being an attractive tourist destination attracting millions of travelers from all over the world are adding to the global luxury fashion market growth in the region. France, the UK, and Germany have a maximum share in the region.
The global luxury fashion market in North America is predicted to have healthy growth over the forecast period. The growing influence of social media & celebrity endorsement, high purchasing power, the rising attraction of luxury lifestyle, and burgeoning demand for luxury goods, especially luxury fashion attire, are adding to the global luxury fashion market growth in the region.
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